SILICON VALLEY, CA / ACCESSWIRE / June 10, 2022 / Bubble, a company leveraging InsurTech and PropTech to streamline the insurance process, is experiencing strong growth on all fronts. Now licensed in 10 states covering over a third of the US housing inventory, the company is expanding its distribution partner outreach across the nation, while bringing on several new carriers, adding auto insurance to its digitally bundled insurance offerings, and growing its sales advisor team.
This exciting period of growth comes at a time of uncertainty not only for the insurance industry, but for the American public in general. Economic instability, a riskier housing market, inflation and rising mortgage rates, stagnating wages, the continuing pandemic, major changes in our society and climate, and a multitude of other factors are contributing to a growing insurance gap in the United States. Bubble aims to address this issue by combining real estate, mortgage, location-specific data, socioeconomic and other data to streamline the buying process for home, auto, life, and other personal lines of insurance.
Adapting to Financial and Economic Volatility
With the average 30-year fixed mortgage rate nearly doubling in the past 6 months, Bubble expects there will be a slowdown in housing market activity that can affect the level of transactions and adversely impact home prices. The team estimates that the real estate sector will feel a squeeze, but overall home insurance premiums will not be affected, and may in fact trend upward due to inflationary pressures and climate change. Moreover, even if the number of annual housing transactions drops, it will not affect those who already own a home (and continue to pay for insurance). On top of all this, homeowners are now more likely to add other insurance products such as life, umbrella, and pet insurance, to protect themselves from unforeseen expenses. Bubble has seen these market dynamics already begin to alter the mindset of real estate companies, who now have an even higher incentive to add insurance to their offerings, allowing them to compensate for shortages in their core business revenue with ancillary service revenue from insurance. The recurring residual income from insurance is the biggest draw for such companies, since it helps them monetize well beyond the one-time housing transaction.
LIMRA reported that 68% of people buy individual life insurance policies when they are “triggered” to do so by the loss of group life insurance during a loss or change of job. With a churning job market and uncertain times ahead, this category may present significant potential. Bubble believes that these developments will underscore the importance of a more dependable individual life insurance policy that stays with customers through major changes to their lives and careers.
The Bubble team knows that a complicated insurance process full of redundant paperwork and friction-causing home inspections and medical tests is the last thing anyone wants to deal with during such stressful life events. To address this, it hopes to help deliver the coverage that individuals need in as simple and streamlined a manner as possible.
Sparking Innovation in the Insurance Industry
The insurance industry will have to be nimble and take advantage of all available data, cutting-edge technology, and advanced AI/machine learning techniques in order to deal with the fallout of these economic, financial, and climate-related challenges. This will include new ways and means of building awareness with various customer segments, leveraging data from different domains, embedding insurance in unique ways across relatively untouched channels, innovating engaging user journeys, and developing dynamic bespoke products to deal with changes in society, risk appetites, and climate.
Bubble intends to be at the forefront of this innovation. The team is working to break new ground in data and analytics, efficient user journeys, behavioral insights, innovative risk assessment, AI-driven guidance engines that recommend best-fit insurance products and coverages, targeting micro segments with bespoke products, and more. In parallel, Bubble intends to focus intensely on customer engagement and convenience through automated data-driven nurture and decision-making tools both during and after the sales process. The company is committed to delivering value in a transparent and informative way, removing friction from the insurance process and, ultimately, delivering bundled insurance products in as few clicks and as seamlessly as possible, within major life events ranging from buying a home and refinancing a loan to upgrading or moving homes.
To learn more about partnering with Bubble, or to see how Bubble streamlines online purchases of bundled insurance products for home buyers and homeowners, visit https://partnerwithus.getmybubble.com/. Get in touch with the team at [email protected] or call (833) 900-2822.
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